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Comex Trading Signals and Market News – 14 January 2016

INTERNATIONAL COMMODITY NEWS :

Copper prices bounced back from six-and-a-half year lows on Wednesday, as the latest trade figures out of China eased some concerns over the health of the world’s second-biggest economy, while also pointing to strong demand for the red metal.

West Texas Intermediate oil futures recovered from 12 year lows on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell last week. The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, Wednesday. After markets closed Tuesday, the American Petroleum Institute, an industry group, surprised market participants and said that U.S. oil inventories declined by 3.9 million barrelsin the week ended January 8, compared to expectations for an increase of 2.0 million barrels.

Natural Gas futures plummeted by almost 4 per cent in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as forecasts for a return of milder weather across parts of the US threatened to curb the demand for the heating fuel in the world’s biggest economy.

ECONOMY NEWS :

China’s total trade volume slipped 7% year-on-year to 24.59 trillion yuan in 2015, Customs said Wednesday. The figure marks the fourth year in a row that external commerce had missed its goal. China’s imports slumped 13.2%on the previous year to 10.45 trillion yuan, while exports were down 1.8% to 14.14 trillion yuan. Imports have been hit by low prices for commodities such as oil and iron ore and the slowdown in China’s infrastructure boom, while exports have had to struggle with weakness in world economy.

Companies from airlines to retailers in more than 100 countries will have to swell their balance sheets with trillions of dollars under a new accounting rule for leases that should shine a clearer light on debt.Leases allow a company to use an asset in return for regular payments, and are mostly held off balance sheet, making it hard for investors to get a full picture of liabilities without delving into the depths of annual reports.

Further interest rate hikes by the U.S Federal Reserve should be based on “clear evidence” of higher wages and prices, International Monetary Fund chief Christine Lagarde said on Tuesday.Speaking at a central banking conference in Paris at the Bank of France, Ms. Lagarde said the Fed’s first interest rate increase in a decade, which was made in December, had gone smoothly.